Research On The Value Evaluation Of Interne Live Enterprise Based On User Value

The rise of live broadcast Internet enterprises is the biggest trend in 2020 With the continuous development of China’s Internet,5G and other communication technologies,China’s national entertainment needs and social ways have also changed,making China’s webcast industry develop rapidly.Under such favorable conditions,a large number of internet live broadcasting enterprises based on high-tech and innovative business models have emerged in China.Subsequently,these companies have entered the capital market.However,most webcast companies are in the stage of rapid growth.The risks faced by enterprises are great,the proportion of intangible assets in enterprises is large,the future income is uncertain,and the user resources have a far-reaching impact on the value of the company.This limits the traditional enterprise valuation methods in evaluating Internet enterprises.In this context,this context selects the user value model for evaluation,and forecasts and adjusts the key parameters through the historical data of the enterprise,so as to make the process more refined and the results more accurate.This context defines and classifies Internet enterprises,and expounds the characteristics and development of Internet enterprises differ from traditional enterprises.It is concluded that the live broadcasting enterprise has the characteristics of high growth,high technology,high risk,light assets and many uncertain factors,and the original DEVA model based on user value is improved.The improvement idea mainly considers three points: first,it modifies the horizontal relationship between the number of users and enterprise value,because in practice,the value of the enterprise does not increase infinitely with the increase of the number of users,therefore,this context adopts Zipf’s law to modify the square relationship into logarithms relationship;second,the introduction of market share and payment ratio reflects the impact of market position and the transformation of paying users on the value of internet live broadcasting enterprises;Third,it defines the index of users’ contribution to enterprise revenue,that is,the parameter of average revenue per paid user,which can better reflect the fundamental source of enterprise revenue and the impact on enterprise value.This evaluation idea solves the problem that the financial indicators of internet live broadcasting enterprises can not accurately measure the enterprise value to a certain extent,and also reflects that the core value of internet live broadcasting enterprises comes from users.The case selected in this context is Huya live broadcasting,which is a leading enterprise in the live broadcasting industry.The improved DEVA model and the traditional valuation method market sales rate method are used to evaluate its value respectively,and the valuation results are compared and analyzed with the actual market value of the enterprise,and the error of the evaluation results is analyzed,which verifies that the improved DEVA model has good applicability and effectiveness for the internet live broadcasting industry.This evaluation idea solves the problem that internet live broadcasting enterprises can not accurately measure the enterprise value only through financial indicators to a certain extent,and better reflects the potential growth ability of live broadcasting enterprises.It not only enriches the existing Internet enterprise valuation method system in theory,but also provides a reference for similar enterprises in the actual evaluation work.